Zillow's estimates of single-family housing values

This article compares Zillow.com's estimates of home values and the actual sale prices of 2045 single-family residential properties sold in Arlington, Texas, in 2006. Zillow indicates that this market is one where its data has its highest accuracy rating. However, the results show the median di...

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Bibliographic Details
Published in:The Appraisal journal 2010-01, Vol.78 (1), p.26
Main Authors: Hollas, Daniel R, Rutherford, Ronald C, Thomson, Thomas A
Format: Article
Language:English
Subjects:
Accuracy
Appraisers
Computer services industry
Estimates
Homeowners
Housing
Housing prices
Housing, Single family
List brokers
Median
Multiple listing services
Property values
Real estate agents and brokers
Real estate appraisers
Real property
Regression analysis
Sales
Single family
Studies
Valuation
Websites
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Summary:This article compares Zillow.com's estimates of home values and the actual sale prices of 2045 single-family residential properties sold in Arlington, Texas, in 2006. Zillow indicates that this market is one where its data has its highest accuracy rating. However, the results show the median difference between the Zillow estimate of market value and the actual sale price is 7.92%, and the average overpricing by Zillow is 11.66%. The results also show that Zillow overestimated the value for 40% of the properties by more than 10%, and only 0.88% of the property prices were underestimated by 10% or more. The study suggests that homeowners' estimates of value may be more accurate than Zillow's estimates. [PUBLICATION ABSTRACT]
ISSN:0003-7087